EAST BRUNSWICK, N.J. & BANGALORE, India--(BUSINESS WIRE)--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2024.

Highlights of the Results

Results for the Quarter ended December 31, 2024:

1. Gross revenue was at Rs 223.2 billion ($2,608.9 million¹), an increase of 0.1% QoQ and 0.5% YoY.
2. IT services segment revenue was at $2,629.1 million, decrease of 1.2% QoQ and 1.0% YoY.
3. Non-GAAP² constant currency IT Services segment revenue increased 0.1% QoQ and decreased 0.7% YoY.
4. Total bookings³ was at $3,514 million. Large deal bookings⁴ was at $961 million, an increase of 6.0% YoY in constant currency².
5. IT services operating margin⁵ for the quarter was at 17.5%, an increase of 0.7% QoQ and 1.5% YoY.
6. Net income for the quarter was at Rs 33.5 billion ($392.0 million¹), an increase of 4.5% QoQ and 24.5% YoY.
7. Earnings per share for the quarter was at Rs 3.21 ($0.04¹), an increase of 4.6% QoQ and 24.4% YoY.
8. Operating cash flows of Rs 49.3 billion ($576.4 million¹), an increase of 3.0% YoY and at 146.5% of Net Income for the quarter.
9. Voluntary attrition was at 15.3% on a trailing 12-month basis.
10. Interim dividend declared of Rs 6 ($0.070¹) per equity share/ADS.
11. Capital allocation policy revised to increase the payout percentage from 45% - 50% to 70% or above of the net income cumulatively on a block of 3-year period.

Outlook for the Quarter ending March 31, 2025

We expect revenue from our IT Services business segment to be in the range of $2,602 million to $2,655 million*. This translates to sequential guidance of (-)1.0 % to 1.0 % in constant currency terms.

*Outlook for the Quarter ending March 31, 2025, is based on the following exchange rates: GBP/USD at 1.27, Euro/USD at 1.06, AUD/USD at 0.65, USD/INR at 84.29 and CAD/USD at 0.71

Performance for the Quarter ended December 31, 2024

Srini Pallia, CEO and Managing Director, said, “In a seasonally weak quarter, our strong in quarter execution helped us deliver above the top end of our revenue guidance. We also achieved our highest margins in the past three years while continuing to invest in our people. We closed 17 large deals with a total value of $1B. We are advancing steadily and investing decisively to lead our clients in an AI-driven future.”

Aparna Iyer, Chief Financial Officer, said, “We expanded margins for a fourth consecutive quarter, enabling us to achieve our previously stated target margin of 17.5%. Our EPS grew 24.4% YoY and operating cash flow was at 146.5% of net income. We are pleased to share that the board has approved our revised capital allocation policy that increases the committed payout percentage to 70% or above in a block of 3 years. In addition, board has also declared an interim dividend of INR 6 per share.”

1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 85.55, as published by the Federal Reserve Board of Governors on December 31, 2024. However, the realized exchange rate in our IT Services business segment for the quarter ended December 31, 2024, was US$1= Rs 84.76
2. Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
3. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer to note 2.
4. Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
5. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.

Highlights of Strategic Deal Wins

In the third quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:

1. A US-based health insurance company has selected Wipro for a multi-phase enterprise transformation program...
2. A US-based leading media corporation has selected Wipro to transform its advertising operations...
3. A leading Indian private banking and financial services institution has selected Wipro to transform and modernize its Core Banking System...
4. A global Telecom network solutions organization has selected Wipro as a Strategic partner...
5. One of the largest health insurers in USA has renewed its engagement with Wipro...
6. A global leader in legal technology has selected Wipro to improve its overall business efficiency...
7. Wipro has been selected by a leading Indian multinational conglomerate to provide technology support services...
8. A US-based health insurance company has renewed its engagement with Wipro...
9. A US-based global investment manager has selected Wipro to deliver IT Helpdesk and Digital workplace support services...
10. A leading European utilities provider has selected Wipro to deliver innovative AI solutions...
11. Wipro will support a large technology migration for a US-based health insurance company...
12. Wipro deployed an Intelligent Document Processing (IDP) solution for a Canadian automotive manufacturer...
13. A global payments company has selected Wipro to modernize its financial forecasting applications...
14. A US-based pharmaceutical company has selected Wipro to improve efficiency and productivity of their HR operations...

Analyst Recognition

1. Wipro was recognized as a Leader in Avasant's Generative AI Services 2024 RadarView™...
2. Wipro was named as a Leader in IDC MarketScape: Worldwide Cloud Security Services in the AI Era 2024–2025 Vendor Assessment...
3. Wipro was classified as a Leader in Everest Group's Data and Analytics (D&A) Services PEAK Matrix® Assessment 2024...
4. Wipro was positioned as a Leader in IDC MarketScape: Worldwide Industry Cloud Professional Services 2024 Vendor Assessment...
5. Wipro was positioned as a Horizon 3 – Market Leader in the HFS Horizons: Sustainability Services, 2024 report...
6. Wipro was ranked as a Leader in Avasant's Digital Talent Capability 2024 RadarView™...
7. Wipro was positioned as a Leader in Everest Group's Semiconductor Engineering Services PEAK Matrix® Assessment 2024...
8. Wipro was positioned as a Leader in Avasant’s SAP S/4HANA Services 2024–2025 RadarView™...
9. Wipro was featured as a Leader in ISG Provider Lens™ - Next-Gen ADM Services 2024...
10. Wipro was ranked as a Leader in Avasant's Intelligent ITOps Services 2024–2025 RadarView™...
11. Wipro was rated as a Leader in ISG Provider Lens™ - Contact Center-Customer Experience Services 2024...
12. Wipro was recognized as a Leader in ISG Provider Lens™ - Future of Work Services 2024...
13. Wipro was positioned as a Leader in the 2024 Gartner® Magic Quadrant™ for Managed Network Services...

Source & Disclaimer: *Gartner, “Magic Quadrant for Managed Network Services”...

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The Gartner content described herein (the “Gartner Content”) represents research opinion...

IT Products

1. IT Products segment revenue for the quarter was Rs 0.7 billion ($8.7 million¹)
2. IT Products segment results for the quarter were Rs 0.03 billion ($0.3 million¹)

Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

About Key Metrics and Non-GAAP Financial Measures

This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G...